Plains All American Pipeline, L.P.
PAA Energy Oil & Gas Midstream
Plains All American Pipeline, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $44.3 billion, down 9.46% from fiscal 2024. In the quarter to June 2026, revenue grew 66.3%, EPS grew 1,095.2%, free cash flow grew 50.9% and total debt fell 2.74%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Plains All American Pipeline, L.P. (PAA) Beneish M-score
Plains All American Pipeline, L.P.'s Beneish M-score for fiscal 2025 is −2.94; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.94 | (0.27) |
| FY2024 | −2.67 | 0.07 |
| FY2023 | −2.74 | (0.16) |
| FY2022 | −2.58 | (1.18) |
| FY2021 | −1.40 | 2.30 |
| FY2020 | −3.70 | (1.64) |
| FY2019 | −2.06 | 0.59 |
| FY2018 | −2.64 | (0.35) |
| FY2017 | −2.30 | (0.06) |
| FY2016 | −2.24 | 0.77 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.08 | — | 0.99 | |
| Gross margin index | 0.76 | — | 0.40 | |
| Asset quality index | 0.91 | — | 0.37 | |
| Sales growth index | 0.91 | — | 0.81 | |
| Depreciation index | 1.17 | — | 0.13 | |
| SG&A index | 1.15 | — | −0.20 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.94 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PAGP Plains Group Holdings, L.P. compare | −2.9× |
| PAA Plains All American Pipeline, L.P. | −2.9× |
| PBA Pembina Pipeline Corp. compare | −2.9× |
| FRO Frontline PLC compare | −2.7× |
| WES Western Midstream Partners, LP compare | −2.6× |
| DTM DT Midstream, Inc. compare | −2.6× |
| VNOM Viper Energy Inc. compare | −2.5× |
| CQP Cheniere Energy Partners, L.P. compare | −1.5× |
| VG Venture Global, Inc. compare | −1.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI